Bally’s Sold and Playtika Files For IPO
A couple of stories broke this past week that could help shape the future of online gambling in the United States. First, Caesars Entertainment has sold its popular Bally’s brand to Twin River. The company purchased Bally’s AC earlier in the year, but now they own the rights to the brand name worldwide.
Also, social gaming company Playtika has filed paperwork for an IPO. The company is looking to sell approximately $1 billion in shares and appears ready to capitalize on the growing legitimate online casino market in the United States.
Caesars Sells Bally’s Brand to Twin River
Last week, Caesars and Twin River Worldwide Holdings announced that Caesars has sold their popular Bally’s casino brand. The exact terms of the deal were not revealed, but the press release revealed that Twin River will rebrand the majority of their live casinos as Bally’s.
Anyone that is following the live casino market in New Jersey may remember that Twin River purchased the Bally’s AC property from Caesars back in April. The company took the next step and now owns the rights to the Bally’s name. Twin River will now go and rebrand the majority of its casino properties as Bally’s.
There is one exception in this deal. Bally’s Las Vegas will remain under the control of Caesars. The company will continue to operate the Strip hotel and casino. However, some believe that this deal is just a precursor to the sale of the Las Vegas property.
Caesars sold the Rio in Las Vegas and is reportedly looking to sell another Vegas casino. Since Twin River owns the Bally’s name, it would make sense for the company to take over the Vegas property as well. Twin River presently does not operate in Nevada, so they would have to receive approval from state regulators to operate in Sin City. Perhaps this is a reason why the company did not include the Vegas property in the deal for Bally’s?
Twin River will likely become a new player in the New Jersey online casino market, offering Bally’s as another option for NJ online gamblers. New Jersey gambling laws permit Atlantic City casino operators to apply for a license. While we likely won’t see Twin River offer online poker, they should offer online slots, casino games, and sports betting.
Playtika Files for IPO in the United States
Reuters broke an interesting story on Friday revealing that Playtika Holding Corp is filing for an Initial Public Offering (IPO) with the U.S. Securities and Exchange Commission. This will allow the company to sell stock on the New York Stock Exchange and NASDAQ.
According to the report, the company has hired Morgan Stanley along with other banks to fund the IPO. The company could go public late this year or in early 2021. Approximately $1 billion in stock is estimated to be sold to give the company a valuation of around $10 billion.
Playtika is owned by a Chinese Investment Group that purchased the company from Caesars Entertainment in 2016. The company is still closely tied to Caesars, offering multiple play money apps, including Caesars Slots and the play money version of WSOP.com.
You may remember that Platika settled a pair of lawsuits in Washington State over the summer, and one has to wonder if the settlements were partly due to this upcoming IPO. Regardless, the company should be in good shape to take advantage of the growing legal online casino market in the United States.
Social online casinos are mobile online casinos that offer play for free or real money online casino games. Players can opt to purchase additional chips for play at the casino. This is similar to in-game app purchases for popular mobile games.
Online casinos often use social casinos as a way to promote their real money casinos. Sometimes they offer incentives for players to come into live casinos to play. Playtika could find themselves partnering in legal states such as Michigan, West Virginia, and others as legal online gambling opportunities expand in the United States.